Europe’s largest producer of renewable energy Statkraft has signed a binding Heads of Terms with FREYR Battery, a developer of clean, next-generation battery cell production capacity, The Heads of Terms is expected to be finalized as a long-term physical supply agreement, with the ambition to secure a long-term supply of renewable power under globally competitive terms for FREYR’s planned battery cell production project in Mo i Rana, Norway.The Heads of Terms and related energy services from Statkraft is projected to cover all of FREYR’s currently anticipated electricity needs for the period of 2024-2031 and to ensure physical delivery of energy from the central grid in Mo i Rana to FREYR’s Customer Qualification Plant and combined Gigafactory 1 & 2. During this period, Statkraft commits to providing up to 23 MW baseload with an accumulated delivery of 1.4 TWh over the contract period to FREYR, as well as the provision of Guarantees of Origin to document that the power is sourced from Statkraft’s hydropower assets in the region.Under the Heads of Terms, the renewable energy for FREYR’s production site will be sourced from Statkraft’s hydropower plant “Rana”. Rana is 100 percent Statkraft-owned with a capacity of 500 MW and annual generation of approximately 2,150 GWh. The proximity of Statkraft’s hydropower plant to FREYR’s planned production facilities in Mo i Rana is consistent with FREYR’s ambition to establish its operations in areas with an ample, local supply of clean energy.
Europe’s largest producer of renewable energy Statkraft has signed a binding Heads of Terms with FREYR Battery, a developer of clean, next-generation battery cell production capacity, The Heads of Terms is expected to be finalized as a long-term physical supply agreement, with the ambition to secure a long-term supply of renewable power under globally competitive terms for FREYR’s planned battery cell production project in Mo i Rana, Norway.The Heads of Terms and related energy services from Statkraft is projected to cover all of FREYR’s currently anticipated electricity needs for the period of 2024-2031 and to ensure physical delivery of energy from the central grid in Mo i Rana to FREYR’s Customer Qualification Plant and combined Gigafactory 1 & 2. During this period, Statkraft commits to providing up to 23 MW baseload with an accumulated delivery of 1.4 TWh over the contract period to FREYR, as well as the provision of Guarantees of Origin to document that the power is sourced from Statkraft’s hydropower assets in the region.Under the Heads of Terms, the renewable energy for FREYR’s production site will be sourced from Statkraft’s hydropower plant “Rana”. Rana is 100 percent Statkraft-owned with a capacity of 500 MW and annual generation of approximately 2,150 GWh. The proximity of Statkraft’s hydropower plant to FREYR’s planned production facilities in Mo i Rana is consistent with FREYR’s ambition to establish its operations in areas with an ample, local supply of clean energy.
